- Chinese encapsulation and back sheet manufacturer Hangzhou First has reported its annual sales revenues for 2019 at RMB 526.59 million for ba
- Net income increased 88.2% from last year to RMB 810.52 million
- Management attributes higher sales figures to continued R&D measures, improvement in product sales and focus on base construction
World leading EVA and back sheet manufacturer Hangzhou First achieved a record high for its solar product sales in 2019 earning revenues of RMB 6.2 billion, the Chinese company stated in its annual report. According to management, total net income last year went up 88.2% to RMB 810.52 million (114.75 million).
The company attributed these financial results to improvement in product sales, R&D initiatives and focus on base construction.
According to the announcement, Hangzhou First sold a total of 749 million m2 of photovoltaic encapsulation products for an ASP of 7.99 RMB/m2 in 2019, a volume increase of 28.88% over the same period of the previous year. Total turnover from EVA +POE sales was 5.7 billion RMB. First claims it had a market share of 50%.
In addition, First also offers back sheets of which it sold 49.669 million m2, bringing in sales revenue of RMB 526.59 million ($74.56 million) – this meant a year-on-year increase of 15.57% and 3.04%, respectively.
TaiyangNews will publish its 2020 Backsheets & Encapsulation Market Survey in May. If you have any updates to share in this field, please contact us. To learn more about this topic, see our Market Survey on Solar Backsheets and Encapsulation 2019.